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Credit card spending in India has risen to Rs 1.4 lakh crore in May, according to the Reserve Bank of India. This represents an increase of 5% per month this year. Furthermore, the number of credit cards in active use has risen by more than 5 million since January 2023 and reached 87.4 million in May, which is an all-time high. However, a Transunion Cibil report has cautioned that credit card delinquencies have been rising, increasing by 66 basis points to 2.94% in March 2023.

Similarly, the number of cards in use has also jumped by more than 5 million since January and crossed 87.4 million in the reporting month, making this also an all-time high in May, according to the RBI data. Of the new additions, as much as 2 million were used in the first two months of the current fiscal alone.

Credit card spending has hit a record high of Rs 1.4 lakh crore in May, the latest data from Reserver Bank of India showed. The total spending or outstanding dues on credit cards, which remained rang-bound throughout the year in the previous fiscal, have been rising by 5 per cent month on month this year. Similarly, the number of cards in use has also jumped by more than 5 million since January and crossed 87.4 million in the reporting month, making this also an all-time high in May, according to the RBI data.

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RBI Keeps Interest Rate Unchanged, Cuts Growth Forecast For Current Fiscal To 9.5% The central bank has projected retail inflation at 5.1% in 2021-22. Outlook Web Bureau 04 June 2021, Last Updated at 10:51 am (File Photo) Outlook Web Bureau 2021-06-04T10:27:00+05:30 RBI Keeps Interest Rate Unchanged, Cuts Growth Forecast For Current Fiscal To 9.5% outlookindia.com 2021-06-04T10:51:25+05:30 The Reserve Bank of India has kept interest rates unchanged and cut economic growth forecast for current fiscal to 9.5% from previous 10.5%. It also projected r...